Shares Soar Thousands of Percent, MORA's Profits Only Rise 23%

Jakarta, CNBC Indonesia - The telecommunications tower issuer PT Mora Telematika Indonesia Tbk (MORA) recorded a 23.16% growth in net profit for the first quarter of 2026. This achievement appears modest compared to the rally in MORA’s share price, which has surged thousands of percent since last year.

It is known that over the past year, MORA’s shares have soared by 1,115%.

Referring to the latest financial report quoted from the Indonesia Stock Exchange disclosure, the telecommunications issuer’s profit for the year to March 2026 was recorded at Rp128.82 billion. Meanwhile, in 2025, the company booked a profit of Rp104.59 billion.

The profit increase for the issuer, often referred to as Moratelindo, was supported by revenue rising to Rp962.60 billion from the previous Rp895.45 billion. The cost of goods sold also increased to Rp370.11 billion.

MORA’s revenue was contributed by income from contracts with telecommunications service provider customers amounting to Rp711.67 billion. Non-telecommunications service revenue was recorded at Rp224.53 billion, while indefeasible right of use was Rp26.39 billion.

Although experiencing only slight performance growth, MORA’s share price has soared high. Over a one-year period, MORA’s shares have risen 1,035.87% to Rp5,225 per share.

Expensive Share Price

From a valuation perspective, MORA is currently trading at a price-to-earnings ratio (PER) of 275.49 times, far above the average for its telecommunications subsector peers.

For comparison, Telkom (TLKM) has a PER of 14.17, Mitratel (MTEL) 20.90, TBIG 28.58, and ISAT 11.68.

In terms of capitalisation, as of March 2026, the company recorded assets of Rp14.92 trillion. This is an increase from the previous period’s Rp14.76 trillion.

MORA’s liabilities and equity were recorded at Rp6.86 trillion and Rp8 trillion, respectively.

Not long ago, MORA is planned to merge with a company from the Sinar Mas Group, PT Eka Mas Republik or MyRepublic. Based on documents received by CNBC Indonesia, in this corporate action, MORA will be the surviving entity receiving the merger.